Avaliação do mercado de derivativo de crédito no Brasil após o início da crise econômica de 2008

Abstract

Credit derivatives have become an important mechanism for managing credit risk (by permitting transfer these risks to third parties) and leveraging of assets (gains of the spread) in the international financial market. He became a giant in the international market by overcoming the physical trading on exchanges. There is a close relationship between the advance of the 2008 crisis that began in the United States and has its origin in mortgage contracts and credit derivatives. Therefore, most economists argues that Brazil has suffered little impact on its economy since the size of your market is still small compared to major world economies. Among the several reasons for this is the fact that in Brazil there are laws and government entities that regulate and control the various forms of derivatives, as well as their negotiations. In Brazil, for example, among the various types of credit derivatives are allowed only the existing negotiation of credit swaps and total return swaps, the first being the most used. According to Marxist theory, the reasons for the systemic crisis spread by other economies in the use of exactly this credit facility, which delays the completion of the exchange process, hence there the delay to the completion of a profit due superincremento organic composition of capital. The basis for these assertions are contained in the analysis of the factors that led to the advancement and propagation of the crisis economies, the lifting of the credit derivatives market in Brazil and the world through literature searches, books, virtual collections, among other publications. The analysis is based on data published in the years 2004 to 2009, due to limited availability of recent data for the study, checking over the years an increasing share of these derivative securities in the domestic market and a rapidly shrinking due to the crisis followed a recovery is still very shy in the following years.